TMS likely to price $250 million senior notes before mid-August with expected 7%-handle yield

By Paul A. Harris

Portland, Ore., Aug. 1 – TMS International Corp. is expected to price $250 million of senior notes (Caa1/B) before mid-August, according to market sources.

The debt refinancing deal could come as early as Wednesday; however, it might not launch until the week ahead, an investor said.

Initial price thoughts have the notes coming with a 7%-handle yield, the investor added.

The Glassport, Pa.-based provider of mill services for steelmakers is also using proceeds from a $465 million term loan as part of the debt refinancing.

The loan, which is being led by J.P. Morgan Securities LLC, launched on Monday.

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